A spokesperson for Swan Land Company declined to comment on the identity of the buyer except to disclose that the buyer is an American citizen.
The deal is expected to close sometime in the summer, the spokesperson told Insider.
If the deal closes, Climbing Arrow would be the most expensive ranch ever sold in Montana and one of the priciest sold in the US, the ranch brokerage spokesperson said.
The current record in Montana is held by the $132.5 million Broken O Ranch, which billionaire Los Angeles Rams owner Stan Kroenke bought in 2012 in a deal also handled by Mike Swan.